Interesting Financial Facts

70% of people in North America live paycheck to paycheck.- The Wall Street Journal

17% of Americans do not have enough savings to cover 1 week without a paycheck. 55% could not live for 3 months or less without a paycheck.- USA Today

In a worldwide survey, 22% of US consumers said they have no money left after paying basic living expenses. Only Portugal had more cash-poor respondents ,
with 23%.- Kiplinger's Magazine

The estimated average credit-card debt per US card-holding households in 2005 was $9,312.- Time Magazine

$12,338 - average credit-card debt among people who carry a balance.
46% - US Households that carry a credit-card balance (2004).

51% - Consumers who have at least 2 credit cards
14% - Consumers who have at least 10 credit cards
14% - Consumers who use at least 50% of their available credit- Experian National Score Index

In 2004 there were 1,597,462 personal bankruptcies filed in the United States.
In 2005 there were 2,078,415 filed.

In 1929 only 2% of homes in North America had a mortgage against them. By 1962 only 2% DID NOT have a mortgage against them.- Christian Financial Concepts

Among people 55-64 years old, 50% still owed money on their homes in 2004. That's up from 37% in 1989. The amount of that debt in 2001 was $596,000,000,000.
In 2004 that amount rose to $1,000,000,000,000. Keep in mind that in 1929 only 2% of homes in North America even had mortgages on them.- Federal Reserve Board, Survey of Consumer Finances

Over 62% of Americans retire on annual incomes of below $10,000- The US Census Bureau

Mortgage debt has increased 300% since 1975 and foreclosures are up 25% over just three years ago.- The Federal Reserve

Mortgage debt has more than doubled since the early nineties.- The Federal Reserve

The typical bankruptcy was not a homeless guy living on the street or a high rolling real estate salesman, but a "well-educated, middle class baby boomer with
big time credit card debt."- The Wall Street Journal

The average household has $84,454 of personal debt.- USA Today

In 1980 the total consumer debt was $1.3 trillion. Today it is over $2,5 trillion that is non mortgage debt.

55% of Americans "always" or "sometimes" worry about their money.- Marist Institute

There are 15.4 billion credit advertising impressions on the American public every three months!- Jupiter Media

The personal savings rate in 1973 was 12% compared to 3% in 2010.- The Department of Commerce

Conflict over money is still the leading cause of divorce today.- Psychology Today

Premarital education is associated with higher levels of marital satisfaction, lower levels of destructive conflicts and higher levels of interpersonal
commitment to spouses.- Journal of Family Psychology

Couples who received premarital education had a 31% lower chance of divorce.- Phone survey conducted in 4 states with 3344 adults

- Gary Chapman

Most marriages that fail list financial problems as a contributing factor, if not the main reason for the failure.- Dave Ramsey

It takes the average millionaire 17-18 years to become one. Most are first generation and started with little or nothing.- Dr. Thom Stanley

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Lottery Odds

Lottery Odds

The concept of the lottery is so simple. Pay a dollar or so and pick some random numbers. If you pick right, you win big. If you don't, hey, you're only out a dollar.

Welllll ... there's more to it than that.

First, you're counting on false hope to lead you to prosperity when you play the lottery. Your shot at winning is ridiculously long. And lots of people don't just bet a dollar. They'll do 5 or 10.
Each week.

On top of that, since the majority of people who play are struggling with money, that $20 or $40 a month really adds up. If a person of any income isn't doing a budget, they'll spend too much on the
lottery and on bounced checks and overdraft fees.

The worst part is that, by investing that $40 a month over 50 years (you can play the lottery for that long) into a growth-stock mutual fund averaging 12%, you'll end up with more than $1.5 million.
That sounds like a jackpot number to us, and it will happen every time instead of 1 in 800 billion gazillion.

Let's say you play a lottery where you draw six numbered balls randomly from a machine. The balls are numbered 1 to 56. The odds are 1 in 32,468,436 (we calculated it) that you will wind up with the
grand prize. For some perspective:

You have about a 1 in 2,000,000 chance of being struck by lightning.

A pregnant woman has a 1 in 705,000 chance of giving birth to quadruplets.

Someone eating an oyster has a 1 in 12,000 chance of finding a pearl in it.

If that's not enough, here's a visual example. This one might seem a little out there, but bear with us.

Get a rope that is 59 feet long and lay it in a circle so the ends touch. Get a pair of tweezers and (we're not kidding) pick up a grain of sand. Toss it anywhere inside the circle that you want.
Then pick up a second grain of sand and step into the center of the circle. Close your eyes and do something to disorient yourself, such as spinning around.

Once you are confused enough, drop the second grain of sand from a foot above the ground. Your odds of hitting the first grain with the second are roughly equal to 1 in 32,468,436.

The reason people play the lotto is because they are greedy for something they can't or shouldn't have. They want a shortcut to an easy life so they can goof off. Pursuing that will lead you to ruin.
Build your wealth the smart and slow way. Once you're rich, you'll be glad you did.

Source: Webmath, Saving Advice

DISC Personality Profile

We now offer for individuals and businesses the DISC personality profile. Instead of wondering if the personality of a new hire would fit your team, give the
the DISC personality profile to get an accurate fit and see how to best use them to work on your team. Contact Go West
Coaching.Phone706-840-0992